S&P 500 Already in A Bearish Reversal

Intermediate

Hello traders,

Stocks are turning down for the last few sessions, with an aggressive sell-off on SP500 beneath the lower trendline of an ending diagonal which now looks like an impulsive reversal. As such, even more weakness can be seen, but probably after a rally up in wave B or 2.

S&P500, 1h

S&P 500 Chart

Once wave A/1 fully develops, a correction as B or 2 may show up, which can look for resistance/bearish reversal at the 3234/3246 level.

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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